FLKR - Trade Bellwether Korea Recorded Solid Exports And A Manufacturing PMI Of 51.2 In January
2024-02-01 03:00:00 ET
Summary
- Resilient Korean exports combined with a positive manufacturing PMI suggest global demand for vehicles and semiconductors remains solid.
- Weak imports indicate a slightly cloudier outlook for the domestic economy.
- We expect exports to improve in the coming months, but due to the Lunar New Year effect, headline figures will likely fluctuate.
By Min Joo Kang, Senior Economist, South Korea and Japan
Exports rose firmly in January with encouraging features in the details
Exports jumped 18.0% YoY in January (vs 5.0% in December, 17.6% market consensus), but the rise was slightly exaggerated due to the Lunar New Year holidays. This January has 2.5 more business days than last January. Even so, daily average exports rose 5.7%, so clearly, the robust export trend continued in January....
Trade Bellwether Korea Recorded Solid Exports And A Manufacturing PMI Of 51.2 In January